Christian Friedrich - Latest

• Does Financial Integration Increase Welfare? Evidence from International Household-Level Data

  Staff Working Paper 2015-4 Christian Friedrich

  Despite a vast empirical literature that assesses the impact of financial integration on the economy, evidence of substantial welfare gains from consumption risk sharing remains elusive. While maintaining the usual cross-country perspective of the literature, this paper explicitly accounts for household heterogeneity and thus relaxes three restrictive assumptions that have featured prominently in the past.

  Content Type(s): Staff research, Staff working papers Topic(s): International financial markets, International topics, Labour markets, Recent economic and financial developments JEL Code(s): E, E2, E21, F, F3, I, I3, I31

• Global Inflation Dynamics in the Post-Crisis Period: What Explains the Twin Puzzle?

  Staff Working Paper 2014-36 Christian Friedrich

  Inflation dynamics in advanced countries have produced two consecutive puzzles during the years after the global financial crisis. The first puzzle emerged when inflation rates over the period 2009-11 were consistently higher than expected, although economic slack in advanced countries reached its highest level in recent history.

  Content Type(s): Staff research, Staff working papers Topic(s): Fiscal policy, Inflation and prices, International topics JEL Code(s): E, E3, E31, E5, F, F4, F41

• Capital Flows and Macroprudential Policies - A Multilateral Assessment of Effectiveness and Externalities

  Staff Working Paper 2014-31 John Beirne, Christian Friedrich

  This paper assesses the effectiveness and associated externalities that arise when macroprudential policies (MPPs) are used to manage international capital flows. Using a sample of up to 139 countries, we examine the impact of eight different MPP measures on cross-border bank flows over the period 1999-2009.

  Content Type(s): Staff research, Staff working papers Topic(s): Balance of payments and components, Financial markets, International topics JEL Code(s): F, F3, F5, G, G0, G01, G1, G11